Since 1929, total government taxes as a percentage of GDP:
A. climbed from 10 percent to about 30 percent.
B. remained close to 30 percent.
C. climbed from 30 percent to about 50 percent.
D. climbed from 15 percent to about 50 percent.
Answer: A
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Suppose that in 2011, 4 million plasma TVs were purchased at $950 each, while in 2012, 3 million plasma TVs were purchased at $800 each. What might have caused this change?
A) The price of LCD TVs (a substitute for plasma TVs) fell. B) The price of LCD TVs (a substitute for plasma TVs) rose. C) Plasma TV manufacturing technology decreased. D) Plasma TV manufacturing technology increased.
A bilateral monopoly is a market in which there are:
A. many sellers and many buyers. B. many buyers but only a single seller. C. many sellers but only a single buyer. D. only a single seller and a single buyer.
What is one reason online prices might be considerably lower than brick-and-mortar prices?
A) Online retailers engage in more price discrimination. B) Brick-and-mortar retailers engage in more price discrimination. C) Brick-and-mortar retailers may have higher costs. D) Online retailers are more likely to have steep demand curves.
Sales taxes are routinely collected by
A) the merchants selling the good or services. B) the Internal Revenue Service. C) the Department of Commerce. D) the Federal Trade Commission.